Gold prices made a fresh peak early Monday at $1,980an ounce and seemed on track to take out $2,000 soon.The Gold prices posted their best month in more than four years, as a weaker dollar and worries over the global economic fallout from the mounting COVID-19cases drove investors towards the safe-haven metal.
Investors were nervous at the lack of a new stimulus package in the United States with White House Chief of Staff Mark Meadows not optimistic on reaching agreement soon on a deal.On Friday, Fitch Ratings cut the outlook on the United States’ triple-A rating to negative from stable, citing eroding credit strength and a ballooning deficit. The credit rating agency also said the future direction of U.S. fiscal policy depends in part on the November electionand the resulting makeup of Congress, cautioning there is a risk policy gridlock could continue.In India, gold exchange traded funds or gold ETFs saw hefty net inflows of over ₹3,500 crore in the first six months of this year as investors continued to hedge their exposure to riskier assets amid the COVID-19 crisis.
TREND : BULLISH
Time : 03/08/2020
Pivot : 1976.81
Technical View : LONG ABOVE 1980.67
Target : 1984.53, 1987.48, 1995.08, 2002.53